set back for cohen in court case

[John K.]

Nightstalker wrote:

“From way outside looking in I think that Agile failed miserably to protect LC”

I am afraid you have to add to this, that unfortunately from way outside looking in it seems that Leonard also failed miserably to protect himself and I think this will make things hard for him in the court.

I hope time to prove I was wrong on this but…

Dem

This is a good point Dem. Here in the US it depends on the specific laws surrounding liability in the state this case is taking place in.

The laws here in New York State changed some time ago. Until about 20 years ago, if the "victim" in a case was at all responsible, then there could be no reward given.

For example, let's say I was in a car accident, and the other driver was drunk and driving at twice the speed limit. I had turned to talk to the person in the seat next to me when the accident happened. The court might find that I was partly responsible because if I had been looking forward I might have been able to avoid the accident.

In the old laws, I couldn't receive any compensation from the drunk driver. What happens now in NY State is that the court (or the jury)decides what percentage of liability each party has, and then decides what the total penalty should be. So they might say I was 25% responsible, with the drunk driver 75% responsible, and that the total compensation would be $1 million. So I would get $750,000, which is 75% of the penalty.

So ultimately it will depend on what the laws of that state are. This all relates only to civil matters, not to any criminal charges.

[Nightstalker]

Nightstalker wrote:

“From way outside looking in I think that Agile failed miserably to protect LC”

I am afraid you have to add to this, that unfortunately from way outside looking in it seems that Leonard also failed miserably to protect himself and I think this will make things hard for him in the court.

I hope time to prove I was wrong on this but…

Dem

Unfortunately I must agree that it appears LC did not do all he could or should have for himself. Also, I agree with John on his views about what money managers normally do when hangling our money. However, if I had millions and was paying commensurate rates to a manager, I'd definitely have contractural agreements with them that would transcend normal practices. The disappearance of millions is beyond the usual no matter how it occurs and particularly if the firm manageing the assets continues to make money on the tranfers of funds as the client is suffering gross losses.

Someone somewhere has a time line about who filed first where and who was named as codefendants in what. I may have misspoken in this respect. That LC was in the process of filing against Agile when they preempted him is what I read in more than one report in retrospect. I believe he had filed against the lady already and had made various threats of litigation, etc. I read all this before the holidays just to familarize myself with his plight since I knew nothing about it previously. It is a Gordian Knot and he will be lucky to not lose additional funds becuase of this mess. I think Agiles long range interests would have been better served if they had just negotiated a settlement with him originally and let their bonding company pay. That their reputation is damaged at this point is an enduring legacy of this.